Cryptocurrencies are rebounding at a robust pace since last Sunday when the total market capitalization hit $270 billion. Bitcoin price rose more than 22% during the previous two days; BTC price currently stands at the highest level in the last seven days.
Altcoins are rallying on positive comments from regulators during the G20 summit. The majority of altcoins posted high double-digit growth in the last two consecutive days, and the trend seems to be extending, Tom Lee says.
Although Tom Lee believes altcoins needs to do more work, he thinks the bearish trend is over, and the full recovery is expected later this year.
“We believe the current purgatory period will last for 150-175 days, implying a bull market for altcoins really starts mid-August to mid-September. The reason for this long duration is the current dark clouds overhanging crypto are really altcoin specific,” Tom Lee said.
EOS, IOTA, and Cardano Are Leading the Bull Run
Source Image: coinmarketcap.com
EOS (EOS) is among the biggest winners during the latest bull-run that started three days ago. EOS price stands around $6.20 today, significantly higher from $3.95 level it touched on Sunday. Albeit posting significant losses last week, the latest upside price volatility pushed EOS price to the highest level in the previous ten days. Higher trading volume from Bithumb followed by Bitfinex and Huobi adds to the price appreciation.
IOTA (MIOTA), which is currently ranked at tenth spot based on market capitalization, posted 14% gain in the last seven days despite hitting three months lows of $1.07 on Sunday. IOTA price surged at a high double-digit rate in the previous two days and extended the upside trend into Wednesday. IOTA price currently stands around $1.42, up more than 5% in the last 24 hours.
Cardano (ADA) price grew more than 15% in the last 24 hours, while its current price of $0.21 almost doubled from the Sunday’s low of $0.12. The stronger demand from South Korean markets is adding to Cardano price. It is ranked at the sixth spot in crypto markets based on market capitalization of $5.7 billion.
Featured Image: Depositphotos/© AndreyPopov